Updating Web Content is not possible, the Submit for Publication button is greyed out

Issue

I am not able to edit web content and submit it for publication. The Submit for Publication button is greyed out and the existing web content is in "Pending" status.

Reproduction Steps:

Set up DXP 7.2
Enable workflow for web content from Control Panel --> Site Configuration --> Workflow and set a Single Approver workflow for "Web Content Article" by editing it.
Go to Content & Data --> Web Content, add basic web content, and click on "Submit for Publication". You will notice that it is not in Pending status.
Go back to the web content and try to edit it.

Actual Result: It is not possible to edit the Pending content. The Submit for Publication button is greyed out.

Expected Result: The web content should be updated with no issues.

The behavior is expected. If the workflow for web content is activated, this means that when you submit web content, it will display the "Pending" status, as the approver will be notified to check the content and approve it to be published.
If the web content is already in Pending status, it will not be possible to update it. First, the existing content should be either approved or withdrawn by the approver. The approver can check the Pending content by clicking the user profile icon on the top right and selecting "My Workflow Tasks", then selecting "Assigned to My Roles". Once there the Pending content will be displayed and the approver can assign it to themselves by clicking the kebab menu beside it, selecting "Assign to Me" and then they can approve it to be published. Once this is done, the existing content will be published and it can be edited again by following the same procedure. Please see the attached demo: ApproveWCpublishing.mp4
Another option is to withdraw the Pending web content, by following the above procedure but instead of selecting"My Workflow Tasks" from the user profile, you need to select "My Submissions" and then you can click on the kebab menu beside the content and select "Withdraw Submission". Once done, the pending web content will be withdrawn and you will be able to edit it. See attached demo: WithdrawingWC.mp4